AmPlus Business Services Limited

 

 

Hong Kong Company Formation

Offshore Bank Account Opening 

HK Harbour

FAQ - Bank Account Opening in Hong Kong

1.

Must I open a bank account to run my company in Hong Kong?

2.

Must I come to Hong Kong in person to open a bank account?

3.

How long does it take to open a bank account in Hong Kong?

4.

Must I wait for the whole completion of setting up my company in Hong Kong before opening a bank account for my company?

5.

What information and documents are required to open a bank account for my company in Hong Kong?

6.

Can an offshore company registered in jurisdictions such as Seychelles open a bank account in Hong Kong?

7.

What is a Certificate of Incumbency?

8.

What is a Certificate of Good Standing?

9.

What are the factors to consider in selecting a bank account in Hong Kong?

10. 

I live overseas, how can I transfer money to / from my bank account in Hong Kong?

11.

Can I have a bank account in different currencies?
   
   
   
   

 

   

1.

Must I open a bank account to run my company in Hong Kong?

 

Not necessary. There is no restriction or requirement for a local company to open a bank account in Hong Kong for business operation. If you have a bank account in overseas, you can use this overseas bank to deal with for your business transactions.

 

Of course, it is convenient to have a bank account in Hong Kong for your business operation as banks in Hong Kong do not have any exchange control. 

 

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2.

Must I come to Hong Kong in person to open a bank account?

 

Yes. Almost all banks in Hong Kong follow strict due diligence procedures and require the account signatories, principal directors and shareholders to come to Hong Kong in person, and have an approval witness signature before the banker.

 

However, some banks may authorize the opening of a bank account without the need for directors, shareholders and signatories to be physically present in Hong Kong. The documents can be signed at the bank’s overseas branches in the presence of a witness.

 

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3.

How long does it take to open a bank account in Hong Kong?

 

Once the company has been registered with Company Registrar, you can proceed to opening the bank account. The time taken to open the bank account varies from bank to bank and can range from 2 days to 14 days under normal circumstances.

 

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4.

Must I wait for the whole completion of setting up my company in Hong Kong before opening a bank account for my company?

 

Yes, around 1 to 2 weeks after applying for the company incorporation. You have to submit Certified True Copy of Certificate of Incorporation, Business Registration Certificate, and necessary legal forms for opening a bank account. Therefore, you have to wait for around 1 to 2 weeks to collect the Certificate of Incorporation and to prepare necessary legal forms.

 

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5.

What information and documents are required to open a bank account for my company in Hong Kong?

 

Please refer to the Page Bank Account Opening Requirement under Guide.

 

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6.

Can an offshore company registered in jurisdictions such as Seychelles open an offshore bank account in Hong Kong?

 

Yes, an offshore company such as Seychelles company can open an offshore bank account in Hong Kong and follow the same opening procedure as a Hong Kong limited company.  However, additional information and documents may be required to submit to bank. e.g. company's business nature and principal activity, personal information of company's director, Certificate of Incumbency and Certificate of Good Standing...etc.  Please refer to the Page Bank Account Opening Requirement under Guide.

 

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7.

What is a Certificate of Incumbency?

 

A Certificate of Incumbency is a document used to confirm the identity of the signing officers of a corporation. Sometimes it also confirms the names of directors and shareholders. A Certificate of Incumbency is often used to prove that a particular individual is authorized to enact legally binding transactions on behalf of a company.  The Certificate is issued by the registered agent of the offshore jurisdiction at a cost for bank account opening.

 

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8.

What is a Certificate of Good Standing?

 

A Certificate of Good Standing confirms that a company is incorporated and is authorised to trade. It confirms that there are no outstanding unpaid fees, taxes, or penalties. It typically also confirms the Registered Office, the Share Capital, the names of the Company Officers, Shareholders and the main objects of the company.  The Certificate is issued by the registered agent of the offshore jurisdiction at a cost for bank account opening.

 

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9.

What are the factors to consider in selecting an offshore bank account in Hong Kong?

 

The factors to consider include: 

  • Bank reputation
  • Business focus and network coverage of the bank
  • Availability of account and channel services 
  • Ease of access to account services and online security 
  • Bank charges and interest rates
  • Initial deposit, minimum balance required & monthly service fees
  • Document requirements and account opening arrangement
  • Quality and range of banking support

 

Please refer to Factors in Selecting Offshore Bank Account in Hong Kong for more details.

 

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10. 

I live overseas, how can I transfer money to / from my offshore bank account in Hong Kong?

 

You could transfer money in the following ways: 

 

  • Remittance - a remittance fee will be charged.
  • Signed Instruction Form - may take longer time to process.
  • Telephone / Internet Banking - free of charge service. 

Please refer to the latest news of the bank for detailed information.
 

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11.

Can I have a bank account in different currencies in Hong Kong?

 

Most banks in Hong Kong provide multi-currencies account. Banks in Hong Kong can also handle RMB settlement for cross-border trading with China which reduce exchange cost in buying and selling RMB and allow to keep RMB trade receipts in bank account in Hong Kong. 

 

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